Tuesday, 23 October 2012

QLD MACKAY RENTAL MARKET FLIP

Tenants feel some rental pressure ease

THE Mackay rental market, a long time tilted toward owners and investors, is surging back into tenants' territory.

Residential rental vacancy rates have remained tight across Queensland,
according to the latest Real Estate Institute of Queensland (REIQ)
data.

But bucking the trend was the vacancy rate in Mackay, increasing from
1.7% in June to 4% in September. A vacancy rate of 3% is considered to
be the equilibrium point of supply and demand.

Sally Richards, Mackay zone chairwoman for the Real Estate Institute of
Queensland and principal of Elders Real Estate Mackay, said agents had
noticed more properties available at the moment.

"This happened really quickly though, and has been brought on by job
transfers, loss of jobs and uncertainty in the mining industry," she
said.

"In the next couple of months things should return to normal though, once a few new projects start up," Ms Richards said.

Ms Richards said with the low interest rates now was the time to be buying.

Findings from the Institute's September Residential Rental Vacancy Rate
Survey, compiled from information and data by REIQ accredited agents,
showed most major regions posting vacancy rates of 2.5% or less in
September.

According to local REIQ agents, the cancellation of projects in the
mining industry had immediately carried over into the rental market.

The cancellation of leases due to the relocation of workers,
newly-constructed properties becoming available, and some investors
moving into their rentals have resulted in the vacancy rate increasing
markedly. Higher-end rents are also reportedly coming down.

REIQ chief executive Anton Kardash said statewide vacancy rates were
continuing to trend into under supply territory as investor activity
slowly swung back into life.

SOURCE: http://www.dailymercury.com.au

INTERESTED IN MACKAY
HERE IS SOME SEPT FIGURES FROM SOURCE : www.mackay.qld.gov.au
Devereux Creek looks like checking out